Systems and methods for reverse auction of financial instruments
First Claim
1. A system for facilitating derivative trading between a client and a plurality of potential dealers, comprising:
- a communications network operationally interconnecting the client and the plurality of potential dealers;
a dealer selection interface, through which the client can select at least one dealer, of the plurality of potential dealers, with whom the client wishes to propose a trade of a client-identified derivative product;
a credit preference module associated with the client, wherein the credit preference module indicates the trade eligibility of the client for the derivative product, and wherein the trade eligibility of the client is viewable by at least one dealer of the plurality of dealers; and
a request for price interface through which the at least one of the plurality of dealers can reply to the trade proposal to facilitate the proposed trade.
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Accused Products
Abstract
An anonymous trading system which enables derivative dealers to setup credit preferences based upon their own models and provides counterparties, end-users and dealers with the option of choosing to remain anonymous during a derivative trading bidding process. Additionally, the systems and methods restrict derivative trading activity with counterparties where there is an existing banking relationship. Using the system and methods, end-users will be able to obtain prices from multiple dealers without the problems inherent in using a voice-based system by utilizing an electronic reverse auctioning process to anonymously obtain derivative trading bids simultaneously from one or many participating derivative dealers.
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Citations
14 Claims
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1. A system for facilitating derivative trading between a client and a plurality of potential dealers, comprising:
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a communications network operationally interconnecting the client and the plurality of potential dealers;
a dealer selection interface, through which the client can select at least one dealer, of the plurality of potential dealers, with whom the client wishes to propose a trade of a client-identified derivative product;
a credit preference module associated with the client, wherein the credit preference module indicates the trade eligibility of the client for the derivative product, and wherein the trade eligibility of the client is viewable by at least one dealer of the plurality of dealers; and
a request for price interface through which the at least one of the plurality of dealers can reply to the trade proposal to facilitate the proposed trade. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method for facilitating derivative trading between a client and a plurality of potential dealers, wherein the client is in communication with the plurality of dealers via a computer network, said method comprising the steps of:
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receiving a request for price from the client, wherein the request for price is associated with a derivative, and wherein the client wishes to enter into a potential trade with at least one of a plurality of dealers;
performing a credit check to determine whether the client is eligible to enter into the potential trade;
forwarding the request for price to the plurality of potential dealers via the computer network; and
receiving an acknowledgment from at least one of the plurality of potential dealers that the dealer wishes to negotiate with the client. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14)
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Specification